A news-packed day pushed the market into the red zone. — More on that in the “Overall Market” section.
Beyond the overall market, digital communication needs fueled another stock up, while news from Russian crashed the race to the COVID-19 vaccine. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, stock splits do not make a stock cheaper, if you are rubbing your hands together to buy you some Tesla shares after the 5-to-1 split. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
- U.S. markets: All three indices finished Tuesday in the red. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price tried to reach the $12,000 mark, but didn’t get there again.
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A News – Packed Day
Tuesday was a red day across the board, and all three indices finished it lower than where they started it. News from the U.S. election race and the COVID-19 vaccine race in the world was among the most important news that moved the market. A news-packed day like Tuesday has the potential to drive the market unexpectedly.
Digital Communications As Fuel
So, what happened?
Shares of RingCentral (Ticker: RNG) were up by 8% on Tuesday. The stock is among those platforms that enable digital communications, and just announced a partnership with Alcatel-Lucent. The partnership allows for the company’s growth in Europe. With Tuesday’s jump, the stock is up more than 100% in the last 12 months. Day after day, we learn about the importance of digital communication for enterprises worldwide, and stock market prices confirm it.
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Russia Shocked The COVID-19 Vaccine Race
So, what happened?
Shares of Sorrento Therapeutics (Ticker: SRNE), Inovio Pharmaceuticals (Ticker: INO), Novavax (Ticker: NVAX), BioNTech (Ticker: BNTX), and Moderna (Ticker: MRNA) were down between 25% to 4% on Tuesday. Those companies are some of the frontrunners in the COVID-19 Vaccine race (See the list here).
Earlier in the day, the news broke that scientists from Russia have registered a COVID-19 vaccine. Health professionals are worried about the vaccine’s safety since the testing period must have been cut tremendously for the vaccine to be ready. Nevertheless, investors didn’t take any chances with other stocks in the race.
Tesla Is Not Cheaper
So what happened?
Elon’s fan club members are rubbing their hands together in anticipation of affording to buy more shares of Tesla (Ticker: TSLA) after the announced 5-to-1 stock split. That’s why the stock price jumped after the announcement in the after-hours trading session. There is only one problem with that.
Stock splits don’t make the stock cheaper. One share of Teala before the split is the same as five shares of Tesla after the split. It’s so surprising that the stock price jumped in the after-hours trading session. You would imagine that those who can trade after hours- professionals and institutions- would know that the stock split doesn’t mean anything. What’s with Tesla fans that take any news as good news.
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